UNDERSTANDING the International commercial terms
An understanding of Incoterms
Incoterms is short for International Commercial Terms, created by the International Chamber of Commerce ("ICC"). In international trade incoterms are a set of globally accepted rules that define the responsibilities of buyers and sellers in import-export contracts, often referred to as Sales-Purchase Agreement ("SPA"). In any transaction, the SPA represents the outcome of key commercial terms and pricing negotiations. Incoterms rules are regularly incorporated into contracts for the sale and purchase of goods worldwide and have become part of the daily language of international trade.
Obligations under Incoterms
Incoterms are a kind of international shorthand system to make sure all your obligations, responsibilities, costs and associated risks of exporting goods and products are clearly allocated, agreed and recorded.
The international chamber of commerce ("ICC")
ABOUT ICC
The Incoterms® 2020
The Incoterms® 2020
The International Chamber of Commerce is the voice of world business championing the global economy and designed to promote international trade and investment as a force and means of achieving economic growth, job creation and prosperity. The ICC is the world’s largest business organisation representing 45 million companies with 1 billion employees in over 170 countries.
The Incoterms® 2020
The Incoterms® 2020
The Incoterms® 2020
The Incoterms rules define important obligations and responsibilities of buyers and sellers for the delivery of goods under sales contracts. They often refer to authoritative rules for determining how costs and risks are allocated to the parties.